Al-Jadaan says nominal GDP exceeds $1 trln for first time in Saudi history

Minister of Finance, Mohammed Al-Jadaan

Minister of Finance, Mohammed Al-Jadaan, stated that the nominal gross domestic product (GDP) for 2022 exceeded the $1 trillion barrier for the first time in Saudi history, reaching SAR 3.957 trillion ($1.052 trillion) during the current year. 

At the press conference announcing the state's 2023 general budget, he added that the nominal GDP is expected to reach SAR 3.869 trillion in 2023 and SAR 3.966 trillion in 2024. 

According to data compiled by Argaam, the Ministry of Finance announced, on Dec. 7, the state's 2023 general budget and performance report of 2022 general budget. 

Total expenditures are expected to reach SAR 1.132 trillion, while revenues are projected at SAR 1.234 billion for 2022, while with an estimated surplus of SAR 102 billion. 

The Kingdom’s GDP grew by 8.5% to SAR 3.957 trillion in 2022.